| Brief statement ofthe charity's policy on reserves |
Brief statement ofthe charity's policy on reserves |
Paddocks Pre-school aims to hold sufhcient financial reserves to sustain the preschool if our income falls below expected levels. Our intention is to continue functioning as a preschool, if possible, and to cover the payment of staff redundancies in the unlikely event that the preschool had to dose. We aim to manage our finances responsibly, budget for predictable fluctuations in income and hold reserves to cover expenses due to other eventualities, including staff redundancy payments in the case that the |
Paddocks Pre-school aims to hold sufhcient financial reserves to sustain the preschool if our income falls below expected levels. Our intention is to continue functioning as a preschool, if possible, and to cover the payment of staff redundancies in the unlikely event that the preschool had to dose. We aim to manage our finances responsibly, budget for predictable fluctuations in income and hold reserves to cover expenses due to other eventualities, including staff redundancy payments in the case that the |
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| preschool had to close. |
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| We aim to hold sufficient funds in reserve to cover: |
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| ~Total running costs —Our total running costs fluctuate with changes in registered numbers and subsequent staffing and other expenses. Given the fluctuating nature of our income and expense it would be useful to hold in reserve one half term's worst case running costs i.e., 245,000. |
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| +Potential redundancy costs: We must also hold sufficient reserves to pay any redundancy payments to staff as required by law ifthe preschool had to close. Our redundancy costs approximate f40,000.Currently the |
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| notice period under preschool's employment contracts is one half term. |
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| ~Emergency costs - 65000 (in case ofurgent repairs/maintenance) ~The amount held in reserve is reviewed to ensure that sufficient funds |
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| are kept at each year end and on change ofstaffing, and as necessary | if | ||
| a marked change occurs. ~In the event ofreserves falling significantly below the target level, the |
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| preschool will aim to restore the reserves as soon as possible by |
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| increasing fundraising, increasing earned income, or reducing |
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| expenditure ~Ifreserves rise significantly above the target level, the committee will |
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| put in place a plan as soon as possible, aiming to eliminate the excess by spending money to enhance the quality of preschool provision, further the aims ofthe preschool or reduce fundraising. The committee will not, |
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| however, take any steps that might call into question the ability ofthe |
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| preschool to continue as a financially viable operation in the long term. |
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| The reserve as ofAugust 2022 was 2137,868.S1 |
| 2022 | 2021 | |
|---|---|---|
| 6 | ||
| Assets | ||
| Bank and cash balances | 137~.91 | 120,547.10 |
| Funds | ||
| Balance brought forward Surplus forthe year |
120,547.10 17,321.81 137,568.91 |
99,986.03 20,561.07 120,547.10 |
| Signed: | Date: | |
| QW106)2.3 | ||
| Sarah Trellnska | ||
| «hair |
| 2022 | 2022 | 2021 | ||
|---|---|---|---|---|
| f | f. | |||
| Income | ||||
| Donations and legacies Fundraising Grant Totai OCC Funding Parents Fees Playscheme Voluntary funding supplement Interest earned |
568.00 1,832,70 141,597.83 23,565.25 1,178.00 5,~.85 81.59 |
4,055.37 10,280.0D 88,668.42 51,639.45 1,081.50 4,962.50 12,20 |
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| Total Income | 174,254,22 | 160,899A4 | ||
| Expenditures Advertising/Promotional Bank charges Cleaning «onsumables |
324.00 93.0D 1A32.20 798.75 |
162.00 84.00 1,158.50 861.78 |
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| Domain/Email/Webpage Employment costs Financial services |
231.72 134,256.42 300.00 |
231,77. 114,963.08 300.0D |
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| Fundralsing cost General Office |
338.60 2,087.84 |
1,169.12 1,656.96 |
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| Gifts | 319.10 | 363.14 | ||
| Health, Safety 8 Security independent Examination Insurances |
cost | 880,99 | 1,275.95 75.0D 2,765.70 |
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| Istaintenance/Repairs OCC Specific Funding Expenditure Payroll Sendces Profesional membe rships |
8,253.93 3,17D.OO 531.00 50,00 |
1,727.50 1,995.00 495.00 100.00 |
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| Raising funds Rent |
150.00 | 150,00 | ||
| Resources, Toys8 Activities StaffTraining |
1,380.33 SD.DO |
6,342.29 2,255.47 |
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| Travel and Accommodation | 5.20 | |||
| Utilities Waste Collection Total Expenditures |
2,299.33 156,932,41 |
2,154.66 51.50 140,338,37 |
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| Surp!us/(Deficit) forthe year | 17,321.81 | 20,561.07 | ||
| Sarah Trelinska Chair |
Dater 2.%(Odr/g~ |